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Fullerton Law Offices borrowed $1,200,000 to renovate their office and client meeting areas. The terms of the loan were 5.5% annually over 8 years. If
Fullerton Law Offices borrowed $1,200,000 to renovate their office and client meeting areas. The terms of the loan were 5.5% annually over 8 years. If you were preparing Fullertons budgeted balance sheet, where would you record this loan?
A : short-term debt
B : long-term debt
C : current liabilities
D : accounts payable
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